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Malaysia's Top Glove quarterly profit soars on virus-driven demand

Glove demand remains at a "supernormal level", Top Glove said in a statement, estimating demand to grow 25% next year and 15% post-pandemic. The firm said the protective gear would still be required when a vaccine becomes available. The firm has also earmarked 8 billion ringgit for capital expenditure over the next six years.

Reuters | Kuala Lumpur | Updated: 17-09-2020 12:01 IST | Created: 17-09-2020 11:50 IST
Malaysia's Top Glove quarterly profit soars on virus-driven demand
Representative Image Image Credit: Pixabay

Malaysian glove maker Top Glove Corporation Bhd reported a multifold jump in quarterly profit on Thursday, beating analyst estimates, on strong global demand due to the coronavirus outbreak. The world's top glove maker posted its highest-ever net profit of 1.29 billion ringgit ($311.37 million) for the quarter ended Aug. 31, compared with 74.2 million ringgit a year ago, surpassing the 349.2 million ringgit analyst estimate from a poll by Refinitiv.

Revenue was up 161% year-on-year to 3.11 billion ringgit. Glove demand remains at a "supernormal level", Top Glove said in a statement, estimating demand to grow 25% next year and 15% post-pandemic.

The firm said the protective gear would still be required when a vaccine becomes available. The firm has also earmarked 8 billion ringgit for capital expenditure over the next six years.


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